Hungarian forint, Polish zloty and Czech koruna are seen as especially vulnerable to wavering demand from the single-currency area
The SA workforce should look like the people who live in the country, not an enclave of a sensitive minority
KZN finance MEC Nomusa Dube-Ncube will replace Sihle Zikalala as premier, making her the first woman premier for the province
It is a U-turn for automakers, who had previously relied on suppliers – or their suppliers – to source semiconductors
The ECB plans to rejig its corporate bond portfolio to favour issuers that pollute less.
Transnet, Telkom and Eskom estimate that thieves and vandals cost them a total of R7bn a year due to metal theft
Beijing’s final notice declaring danger areas for airlines to avoid during exercises expired and was not extended
Every time All Black coach Ian Foster fronts the media, he presents it with denial, not truth and honest appraisal
No case has been made by the Competition Commission against either Nedbank Group or Nedbank in its complaint against various banks for allegedly colluding to fix prices and divide markets in respect of the rand-dollar exchange rate.
This was the submission made by Anthony Gotz SC, counsel for Nedbank Group Ltd and Nedbank Ltd, in opposing the application by the commission to join the holding company and the bank in its complaint, initially launched in 2015.
At the beginning of the hearings on Monday, counsel for the commission, Tembeka Ngcukaitobi SC, argued that the need to properly spend public funds called for the nine banks accused of manipulating the rand-dollar exchange rate to be joined in a case against 23 other banks that had already been charged by the commission.
Ngcukaitobi said it would also be convenient for all banks facing the same charge to be in the same room to avoid a multiplicity of actions.
However, the nine banks opposed their proposed joinder in the case. They are HSBC Bank USA, Merrill Lynch Pierce Fenner & Smith Inc, Bank of America NA, Credit Suisse Securities (USA) LLC, Nedbank Group Ltd, Nedbank Ltd, FirstRand Ltd, FirstRand Bank Ltd and Standard Americas Inc.
“There is no cause of action made out against either of the respondents. No prima facie case of action is made out against Nedbank Group.
“In the absence of any case that is made out against Nedbank Group, it is justifiable for Nedbank Group to say, ‘What am I doing here?’ It is entitled to object to the joinder on the basis that no case has been made out,” Gotz said.
Gotz said in the case of Nedbank Group Ltd, it was not a bank and was not an authorised foreign exchange dealer.
“By that fact alone it cannot be a participant in the act alleged by the applicants. It does not employ traders. On what basis does the commission say it must be cited as a respondent? Nedbank Group, at the very least, ought not to be joined in these proceedings,” Gotz said.
Likewise, Mark Wesley, advocate for FirstRand Ltd and FirstRand Bank Ltd, also opposed the joinder and said there were no allegations against FirstRand Ltd, a holding company of First Rand Bank Ltd.
Ngcukaitobi will reply to the banking companies when the tribunal resumes on Tuesday morning.
The conduct complained of was allegedly carried out via the exchange of competitively sensitive information on the electronic messaging platforms used for currency trading.
The commission said this enabled the banks to co-ordinate their trading activities when quoting customers who buy or sell currencies.
It said this co-ordination had the effect of eliminating competition among the banks as it enabled them to charge an agreed price for a specific amount of currency.
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.